LONDON, November 8, 2012 /PRNewswire/ --
Land Securities said its half-yearly results represented a "resilient performance in a tough market", even though valuation, profit before tax, revenue profit and earnings per share were all lower.
In an interview with http://www.cantos.com, Rob Noel, Chief Executive, said:
"The results represent the actions we've taken to strengthen the business. We said in May that we had let sales run ahead of acquisitions and we also said we will continue to develop. Now our clear plan is driving high levels of activity across the business as we progress developments and secure lettings. Our asset management team are working flat out to keep the portfolio full, and so there is a buzz of activity around the place. Our balance sheet is in good shape with the appropriate level of gearing. This is not downbeat."
Martin Greenslade, Chief Financial Officer, underlined the company's strong financial position and relatively modest gearing, but he stressed: "We won't just raise debt because it's cheap; we have to have something to invest in."
The interview and transcript are available now on http://www.cantos.com/company/Land%20Securities
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SOURCE Land Securities Plc